- Parties will discuss the Digital Asset Market Structure bill
- It was introduced in Congress on June 2
- The bill is intended to form a regulatory framework for the industry
- Large industry counterparts support it
The U.S. House Agriculture Committee will hold a hearing today, June 6, on digital asset rulemaking. Invited experts include the head of Coinbase’s legal department, a representative from Robinhood and the head of the CFTC.
The hearing will focus on the McHenry-Thompson Digital Asset Market Structure bill.. The bill was introduced in Congress on June 2.
The bill seeks, among other things, to create a regulatory framework for the industry. It is possible, albeit with a stretch, to call it an analogue of the MiCA. The bill will provide room for innovation, but also the necessary protections for investors.
Further approval of the initiative depends largely on the outcome of committee hearings. Representatives from Coinbase and Robinhood, announced among the invited experts, generally support it.
Coinbase legal department head Paul Grewal believes the bill is a “thoughtful step”:
“We need a clear set of rules in the United States to realize the full potential of cryptocurrency. Until there are rules and laws that reflect the realities of this new marketplace, we cannot fully unlock the promise of our financial system by making it faster, fairer and more accessible.”
He also reiterated the CEO’s earlier point that the United States risks “missing its chance.”. Delaying the process of creating a regulatory framework for the digital asset market threatens the country with missed opportunities.